Nifty may resume downtrend if it breaks below 11,350: HDFC Securities

Strong support seen at 11,358 in Nifty

After sharp fall of more than 2.6 per cent on August 31, Nifty registered a nice pullback of almost 1 per cent on September 1. Nifty also managed to hold above the low of 11,325 registered on August 31. 20 days EMA and SMA both are placed at 11,358 odd levels and the same is expected to act as a support in the short term. Nifty would resume its downtrend once we see sustainable level below 11,358. The recent high of 11,794 would continue to act as strong resistance for the Nifty.

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